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Item No. 3 - Quaterly Budget Presentation
Fiscal Year 2021/21 First Quarter Budget Update December 2, 2020 City Council Meeting Presented by: Jim Slobojan, Acting Finance Director FY 2020/21 First Quarter Budget Update •Background on FY 2020/21 Adopted Budget •Overview of General Fund Operating Budget Revenues Expenditures Reserves •Ten -Year Financial Forecast FY 2020/21 First Quarter Budget Update Deficit, ($10,252,438) Deficit, ($2,806,918) Surplus, $13,746,372 120 125 130 135 140 145 150 FY 2020/21 Proposed Budget FY 2020/21 Adopted Budget FY 2020-21 1st Quarter ProjectedMillions General Fund Surplus/(Deficit) Revenues Expenditures FY 2020/21 First Quarter Budget Update 132,609,052 133,805,175 127,872,994 145,805,327 100,000,000 105,000,000 110,000,000 115,000,000 120,000,000 125,000,000 130,000,000 135,000,000 140,000,000 145,000,000 150,000,000 FY 2018-19 Audited Actual FY 2019-20 Unaudited Actuals FY 2020-21 Adopted FY 2020-21 1st Quarter Projected Total General Fund Revenues FY 2020/21 First Quarter Budget Update 38,337,628 37,704,481 32,488,243 36,500,000 29,000,000 30,000,000 31,000,000 32,000,000 33,000,000 34,000,000 35,000,000 36,000,000 37,000,000 38,000,000 39,000,000 FY 2018-19 Audited Actual FY 2019-20 Unaudited Actuals FY 2020-21 Adopted FY 2020-21 1st Quarter Projected Sales & Use Taxes 9,717,123 9,193,472 7,900,000 9,000,000 6,750,000 - 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 16,000,000 18,000,000 FY 2018-19 Audited Actual FY 2019-20 Unaudited Actuals FY 2020-21 Adopted FY 2020-21 1st Quarter Projected Measure Z/S Transactions & Use Tax Measure Z Measure S 15,750,000 FY 2020/21 First Quarter Budget Update 22,924,522 22,680,847 23,200,000 22,900,000 10,000,000 12,000,000 14,000,000 16,000,000 18,000,000 20,000,000 22,000,000 24,000,000 FY 2018-19 Audited Actual FY 2019-20 Unaudited Actuals FY 2020-21 Adopted FY 2020-21 1st Quarter Projected Utility Users Tax FY 2020/21 First Quarter Budget Update 16,054,643 17,487,842 18,316,742 18,384,834 10,000,000 11,000,000 12,000,000 13,000,000 14,000,000 15,000,000 16,000,000 17,000,000 18,000,000 19,000,000 FY 2018-19 Audited Actual FY 2019-20 Unaudited Actuals FY 2020-21 Adopted FY 2020-21 1st Quarter Projected Property Taxes in Lieu of VLF FY 2020/21 First Quarter Budget Update 10,678,437 11,812,361 10,130,000 11,530,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000 10,000,000 11,000,000 12,000,000 13,000,000 FY 2018-19 Audited Actual FY 2019-20 Unaudited Actuals FY 2020-21 Adopted FY 2020-21 1st Quarter Projected Franchise Tax FY 2020/21 First Quarter Budget Update General Fund Revenues by Category FY 2020/21 First Quarter Budget Update 140,178,515 130,625,431 130,679,912 132,058,955 100,000,000 105,000,000 110,000,000 115,000,000 120,000,000 125,000,000 130,000,000 135,000,000 140,000,000 145,000,000 FY 2018-19 Audited Actual FY 2019-20 Unaudited Actuals FY 2020-21 Adopted FY 2020-21 1st Quarter Projected Total General Fund Expenditures FY 2020/21 First Quarter Budget Update Total Combined Reserves: $21,375,452 $34,050,342 $47,568,783 Going Forward: •February 2021 – FY 2019/20 Year-End Audit Comprehensive Financial Report (CAFR) Detail on other funds Detail on long term assets and obligations •Mid-Year Budget Update in February/March Questions/Discussion FY 2020/21 First Quarter Budget Update